| | | Sec. A-2. Effective date. This Part takes effect upon ratification | | by the voters of the referendum as provided in Part B of this | | Act. |
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| | | Sec. B-1. Authorization of bonds. The Treasurer of State is | | authorized, under the direction of the Governor, to issue | | bonds in the name and on behalf of the State in an amount not | | exceeding $8,000,000 to raise funds for the conservation grant | | and loan program as authorized by this Part. The bonds are a | | pledge of the full faith and credit of the State. The bonds | | may not run for a period longer than 10 years from the date of | | the original issue of the bonds. At the discretion of the | | Treasurer of State, with the approval of the Governor, any | | issuance of bonds may contain a call feature. |
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| | | Sec. B-2. Records of bonds issued kept by Treasurer of State. The Treasurer of | | State shall keep an account of each bond showing the number of | | the bond, the name of the successful bidder to whom sold, the | | amount received for the bond, the date of sale and the date | | when payable. |
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| | | Sec. B-3. Sale; how negotiated; proceeds appropriated. The Treasurer of | | State may negotiate the sale of the bonds by direction of the | | Governor, but no bond may be loaned, pledged or hypothecated | | on behalf of the State. The proceeds of the sale of the | | bonds, which must be held by the Treasurer of State and paid | | by the Treasurer of State upon warrants drawn by the State | | Controller, are appropriated solely for the purposes set forth | | in this Part. Any unencumbered balances remaining at the | | completion of the project in this Part lapse to the debt | | service account established for the retirement of these bonds. |
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| | | Sec. B-4. Interest and debt retirement. The Treasurer of State shall pay | | interest due or accruing on any bonds issued under this Part | | and all sums coming due for payment of bonds at maturity. |
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| | | Sec. B-5. Disbursement of bond proceeds. The proceeds of the bonds must | | be expended as set out in this Part under the direction and | | supervision of the Maine State Housing Authority. |
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| | | Sec. B-6. Allocations from General Fund bond issue. The proceeds of the | | sale of the bonds must be expended to finance acquisition and | | installation of energy conservation improvements identified by | | certified home energy audits in the primary residences of low- | | income and moderate-income households. |
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